MANAGERS READY FUNDS OF FUNDS AND MANAGED FUNDS products AS FSA ALTERS LEGISLATION
Groups with funds of funds or managed funds will be able to convert their products to Oeics following the adoption of Oeics2 legislation, which takes effect from the end of the month. N2, the date at which the FSA obtains its powers as defined under the Financial Services and Markets Act, will enable the FSA to alter existing Oeic legislation to allow for funds of funds and money market portfolios. Under existing legislation, funds of funds and cash funds can only be held in unit trusts. Among the groups that have decided to convert are Premier Asset Management, Edinburgh Fund M...
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